By Martin Morris
Buyers of units at stalled Dubai project given chance to transfer to other projects.
Investors have reported that Sama Dubai, developer of Dubai’s Lagoons project, is exploring the idea of transferring credit among buyers.Property investors who bought homes in the stalled project are being offered alternative apartments within Jumeirah Beach Residences, the National reported on Tuesday.
Both projects are part of Dubai Holding, the conglomerate owned by Sheikh Mohammed bin Rashid, Vice President of the UAE and Ruler of Dubai.
Dubai Holding is currently in the throes of realigning its business into four verticals, focused on core competencies, to streamline its operations and ensure the continued delivery of projects and future growth.
According to the newspaper, Khalid Khatri, who bought three units in The Lagoons project, said the company had recently contacted buyers with an offer to transfer their credit into apartments in either Executive Towers or Jumeirah Beach Residences - both owned by Dubai Properties, which is merging its operations with Sama Dubai and Tatweer.
''They told us they were not cancelling the project, but we could transfer a one-bedroom from The Lagoons to a similar unit in JBR or Executive Towers,'' Khatri said.
The offer could be attractive to many buyers because there was no certainty when or if The Lagoons project would proceed, the paper added.
Its ok if if thats what you want, but if you don't what happens? do they give the cash back that was put in?
sama dubai has ben playing with their clients like a yoyo, delaying, resheduling and now ,...HEY WHY DONT YOU BUY SOMEWHERE ELSE. only in dubai such things happen and company can make a mochery of basic trade rules set in a contract.
People should remember that this is Sheikh Mohammed's company, and he has guaranteed it will happen. Furthermore, it is still more than a year and a half until it is supposed to be complete. He will not run away from his obligations, so people should just relax and not worry.
You should be happy that you AT LEAST have been offered an alternative. What about us Palm Jebel Ali owners who have paid 50% so far, and still no news from Nakheel on the sudden halt in construction. It has been said (off the record) that it's been put on hold for at least 5 years, but nothing confirmed from Nakheel. Where are all you Palm Jebel Ali owners, and why are you all so quiet?? Has anyone heard what will happen to OUR money?? What about the people who bought early last year during the peak?? MB